Institutions held crypto through 50% drawdown, Bitwise finds
Bitwise’s institutional interviews found that none of the 15 institutions with crypto exposure reduced allocations during a roughly 50% market drawdown, and several added to positions. Every holder owned Bitcoin, typically as the first, largest, and longest-held crypto asset, often treated as a store of value similar to gold. Ether and Solana were smaller, shorter-term bets with weaker conviction. Allocations ranged from 0.5% to 13% of investable assets, though most were 1% to 2%. Nearly all respondents already used, or planned to use, spot crypto ETFs, with some moving away from direct custody or private placements. No one said falling prices alone would trigger a sale; instead, they cited a regulatory reversal, an industry credibility shock, or a broken investment thesis. Several said they would sell ETH or SOL if network growth did not translate into value for the tokens.
